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Loren
Loren, Attorney
Category: Business Law
Satisfied Customers: 29728
Experience:  30 years experience representing clients .
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My wife is planning to start a business (LLC - Sole proprietor).

Resolved Question:

My wife is planning to start a business (LLC - Sole proprietor). Here are my questions:

1) She has a Employment Authorization Document (EAD) issued by by United States Citizenship and Immigration Services (USCIS). Will this be sufficient to start an LLC which deals with online business (affiliate marketing)?

2) Can she use her residence address as the address for the LLC? Is there any rule stating that there should be "x" number of rooms for doing business from home? Since it is mainly online shopping, will there be a hindrance?

3) Inorder to start a bank account, is it mandatory that we need to have a "certificate of good standing" or will other documents obtained after filing a LLC be sufficient to get a bank account created?
Submitted: 5 years ago.
Category: Business Law
Expert:  Loren replied 5 years ago.
1. The EAD is sufficient.
2. A residential address is sufficient for LLC requirements.
3. To open a bank account, the LLC will need a social security number. The bank will require copies of the organizational documents.
Customer: replied 5 years ago.

Can you please provide more clarity on the below mentioned question:

 

3) Inorder to start a bank account, is it mandatory that we need to have a "certificate of good standing" or will other documents obtained after filing a LLC be sufficient to get a bank account created?

 

- Do you mean to say that SSN is sufficient and EIN is not required to open a bank account for the newly created LLC? Also when you say that the bank will require copies of the organizational documents does it include documents other than "Certificate of Good Standing"?

Expert:  Loren replied 5 years ago.
1. A single member LLC is not recognized by the IRS as a separate tax entity. It just uses the ss# XXXXX the member.

2. The bank will want to see the articles of organization which were filed to establish the LLC. They may or may not require a certificate of good standing. Usually they can just look up on the internet to confirm the LLC is in good standing.
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